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THQ Reports First-Quarter Record Revenue and Earnings
CALABASAS, Calif.--(BUSINESS WIRE)--April 22, 1999--THQ Inc.
(Nasdaq/NM:THQI) announced Thursday that net income for the first
quarter ended March 31, 1999, increased 56 percent to a record
$10,147,000, or 83 cents per diluted share, on 12,268,000 diluted
common shares outstanding.
This compares with net income of $6,492,000, or 57 cents per
diluted share, for the first quarter of 1998 on 11,313,000 diluted
common shares outstanding. Revenue increased 62 percent to a
first-quarter record $78,541,000 from $48,453,000 for the same period
a year earlier.
President and Chief Executive Officer Brian Farrell noted that
the 1999 first quarter benefited from strong sales of the newly
introduced "WCW/NWO Thunder" for the PlayStation and "WCW Nitro" for
the Nintendo 64, as well as strong follow-on sales of the company's
"Rugrats: Search for Reptar" and Disney/Pixar's "A Bug's Life"
products launched in the fourth quarter of 1998.
"We are off to a great start in what we expect will be another
record year for THQ," stated Farrell. "Our Rugrats games continue to
be strong sellers, and we look forward to the release of our Nintendo
64 'Rugrats Scavenger Hunt,' which is scheduled for June of this year.
"As we announced earlier, we are thrilled with the new
Nickelodeon deal that gives THQ exclusive rights to the Rugrats
property for all current and future game systems from Sony, Nintendo
and Sega through 2002." |
